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CHIJMES Pte Ltd, a partnership involving Low Keng Huat, Jetaime Investments and Lei Garden paid $26.8 million for the 1.4 ha site at a state tender in 1990 and pumped in a further $100 million to restore the asset.
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CHIJMES Pte Ltd said that Convent of the Holy Infant Jesus premises will not be converted into a retail complex with a foodcourt.Instead, it will be turned into a sophisticated arts centre, with an art gallery, international auction house,specialty shops and restaurants in an almost $100 million restoration project.Art lovers will be able to bid "live" during major art and jewellery auction s held by auction houses suchas Sotheby's and Christie's in London, New York and Paris.
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Anchor tenant Stars Restaurant and Cafe closed its doors on Wednesday. Migen, a Japanese restaurant, had put up its shutters a week earlier.
Two months ago, some tenants banded together to sign a petition asking for rents to be lowered in thelight of poor business. -
JUDGMENT has been awarded against the Chijmes restaurant, Stars, which has been found liable topay its landlord rent arrears amounting to S$1.065 million before interest charges.The award was made in an uncontested application brought before the High Court on June 8 bylandlord Chijmes Investment Pte Ltd.But the dispute between the two parties regarding rental increases based on a re-survey of the spaceoccupied by the restaurant still awaits arbitration.
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Suntec Reit acquired Chijmes for $128 million in December 2005
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THE iconic Chijmes along Victoria Street is being put up for sale. Suntec Reit has appointed Colliers International to market the property through an expression-of-interest exercise.
However, Suntec Reit is expected to sell the asset only if it gets a
good price. The property was last valued for $134 million at the end of last year. It has 79,794 square feet of net lettable area, and generated revenue of $2.6 million and net property income of $1.8 million for the second quarter ended June 3 -
The Business Times. reported that Perennial Real Estate and OSIM boss Ron Sim will jointly acquire Chijmes for S$177 million from Suntec Real Estate Investment Trust (Suntec Reit).
